peekpublishersKey Points:
- Stephano Slack, a firm based in Wayne, Pennsylvania, has merged with Morgenstern Waxman Ellershaw LLC, headquartered in Marlton, New Jersey.
- MWE, with nearly a century of experience, specializes in serving privately owned businesses and high-net-worth individuals with accounting, auditing, and tax services.
Stephano Slack, a firm based in Wayne, Pennsylvania, has merged with Morgenstern Waxman Ellershaw LLC (MWE), headquartered in Marlton, New Jersey. The merger, effective January 1, 2024, will see MWE bring 15 new people to Stephano Slack’s existing team of 35 CPAs and 75 employees. Financial terms of the deal were not disclosed.
MWE, with nearly a century of experience, specializes in serving privately owned businesses and high-net-worth individuals with accounting, auditing, and tax services. The firm also provides business valuation aid, accounting software selection and implementation support, financial planning, and management advisory services and business planning.
The merger is seen as a result of aligned cultures and shared firm values of dedication to quality, client service, community involvement, and staff well-being. The two firms serve similar industries, including distribution and wholesale, manufacturing and production, not-for-profit organizations, real estate, retail, and food.
Michael Stephano, founder and managing partner of Stephano Slack, stated, “Distinguishing our footprint in New Jersey was a logical next step for Stephano Slack as it complements our Wayne, Pennsylvania, and Wilmington, Delaware, offices by giving us a strategic advantage to serve the market east of Philadelphia. We’re excited to welcome such a strong, capable team to the firm and look forward to supporting them in efficiently and effectively serving their clients.”
Rick Morgenstern, managing partner of MWE, expressed his excitement about the partnership, stating, “We are really excited by the partnership with Mike and the Stephano Slack team and the positive impact it will have on our staff and our clientele. We greatly value all of these relationships. Our firm has a long history of expert and deeply attentive client service that we look forward to continuing long into the future.”
The merger was facilitated by Optimum Strategies CEO Ira Rosenbloom, who served as a strategic advisor to both parties. The merger is expected to enhance the capabilities and resources of both firms, allowing them to better serve their clients in the New Jersey and Pennsylvania regions.
This merger highlights the ongoing trend of consolidation in the accounting industry, as smaller firms seek to combine resources and expertise to better compete with larger, national firms. By merging with MWE, Stephano Slack is able to expand its presence and service offerings in the New Jersey market, while also gaining a team of experienced professionals.
Overall, this merger is likely to result in increased growth and opportunities for both Stephano Slack and Morgenstern Waxman Ellershaw, allowing them to better serve their clients and establish themselves as key players in the accounting industry.
